SPONSORSHIP SUM Clause Samples

SPONSORSHIP SUM. 2.1 In consideration of NMSI Trading’s undertakings in this Agreement, the Sponsor will pay NMSI Trading the Sponsorship Sum of 2.2 The Sponsor shall, in addition to the Sponsorship Sum, pay to NMSI Trading an amount in respect of Value Added Tax (VAT) on presentation of a valid VAT invoice by NMSI Trading at the rate prevailing on the date of such invoice. 2.3 The Sponsorship Sum will be paid in the following instalments: 2.3.1 by 30 November 2009; 2.3.2 in January 2010; 2.3.3 in January 2011; and 2.3.4 in January 2012. 2.4 NMSI Trading will invoice the Sponsor for each instalment described in Clause 2.3 above. Invoices will be provided at least thirty (30) days before the final due date for such instalment. In all cases payment will be made within thirty (30) days of the date of the relevant invoice. 2.5 If the Sponsor fails to pay any sums due under this Agreement, NMSI Trading shall be entitled (but not obliged) to charge the Sponsor interest on the overdue amount payable by the Sponsor immediately, on demand, from the due date up to the date of actual payment, after as well as before judgment at the rate of per annum above the base rate for the time being of NatWest Bank plc. Such interest shall accrue on a daily basis and be compounded quarterly. NMSI Trading reserves the right to claim interest under the late payment of Commercial Debts (Interest) ▇▇▇ ▇▇▇▇.